"IKEA will provide a keystone attraction for the project and a catalyst for its development," said officials with CBL & Associates Properties, Inc. "Over the last several months, CBL has worked with the Town of Cary to start the rezoning process with the goal of creating a flexible land use that will facilitate a creative, modern, multi-phase and multi-use redevelopment."

The new shopping center could feature a mix of retail, dining and entertainment options as well as residential, grocery, office and green space.

“Cary Towne Center is ideally located, and there is strong demand to elevate the center to the next level," said Stephen Lebovitz, president and CEO of CBL & Associates Properties, Inc.

Similar to other indoor shopping malls, Cary Towne Center has seen a sharp decline in business over the years, with anchors like Macy's and Sears closing in addition to other popular stores like Aeropostale and Express.

The mall is still home to Belk, numerous food vendors and retailers, and entertainment features like a trackless-train, a carousel and a indoor play area for young children.

The mall's transformation is still in early planning stages, and no dates have been released for the project. The IKEA adjacent to the mall could open as early as summer 2020.